The decision to save money is both a personal as well as a financial choice. Very often people may find themselves stuck between what they want to do (i.e. save on a regular basis) and what they think they can afford to do. Saving money may feel like a luxury if you don’t feel that you can afford to save regularly, but the truth is that everyone can afford to save, even if it’s only a little bit. Everyone’s financial situation is different, and therefore not everyone is able to allocate the same percentage of his or her income towards savings. However, everyone should be saving (even a small amount) of money on a regular basis. The best way to save is to add your savings into your monthly budget and make sure that you save a well-planned out amount that is automatically deposited into savings. This way your savings will be an expense, not a luxury. As a financial professional, I have heard every excuse in the book, but honestly, none of them are actually valid. People will always make excuses for not saving, but the truth is that the only way to save money is to just start. Here are some common reasons why people choose not to save money:“There is always something I need.” You can always enjoy a better television or a newer car, but splurging on the latest models can be a very expensive (and unnecessary) bad habit. You should only upgrade your electronics, etc. when your older model is broken, not every time a newer model comes out. “I Want to Live in the Moment.” This is probably the most common reason people choose not to save money, and it is also probably the biggest financial mistake that people make. Just because you have other financial priorities, such as traveling or paying off debt, doesn’t mean that you can’t save money at the same time. It just means that you can’t save as much money. Make a list of your current financial priorities and allocate your funds accordingly. “I’ll Start Saving Later.” This is another huge financial mistake. Procrastination can be very costly; for example, if you save $100 per month for 25 years at an interest rate of 3% you will accumulate $44,712.28. If you chose to start saving later, and you saved for 15 years instead, you would only accumulate $22,754.01. This is the advantage of compound interest. “You Can’t Take It With You.” This is true, but your personal expenses don’t stop at death. The cost of a funeral in the United States can add up to $10,000; if you don’t have personal savings, your loved ones will be responsible for covering these costs. Other post-mortem expenses include paying off debts and paying final taxes. “I Don’t Have Kids.” Just because you don’t have kids doesn’t mean that you don’t need to save money. There are many other reasons people need to save, such as anemergency savings fund and retirement